The board of Seven & i Holdings has rejected a near $39bn cash takeover offer from Canada’s Alimentation Couche-Tard, arguing it “grossly undervalues” the Japanese group and did not reflect regulatory risks over any deal.
In a letter to Couche-Tard sent on Friday, the owner of the 7-Eleven convenience store chain said that the proposal of $14.86 per share in cash, was “not in the best interest of . . . shareholders and other stakeholders”.
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